Part 2/8:
Tom has allocated 100% of his retirement investments into stocks, not based on a child-like rule, but due to a structured approach to his financial needs and benefits. He has a defined pension from his employer—a traditional retirement benefit that provides him with monthly payments until death—and also contributes to a deferred compensation plan offering guaranteed annuities through TIAA, a reputable non-profit institution. Given these factors, he believes that bonds are unnecessary in his retirement portfolio. However, he seeks clarification on whether he might be missing something.